Latest news: Manhattan refi; REIT sells 5; New Jersey development

Two Manhattan refis. Secaucus, New Jersey-based Hartz Mountain Industries is refinancing two of its hotels in Lower Manhattan with a $230 million loan from J.P. Morgan Chase. Hartz Mountain will use the loan to restructure its existing $250 million debt on the Soho Grand Hotel and the Roxy Hotel in a deal that PincusCo first reported.

REIT sells five in US. The board for Vancouver-based American Hotel Income Properties (AHIP) REIT has approved the dispositions of five hotels with total gross proceeds of $45.9 million. These properties include two hotels in Statesville, North Carolina, and one hotel each in Melbourne, Florida, Kingsland, Georgia, and Houston. Each disposition is subject to a binding agreement entered following the conclusion of AHIP’s previously disclosed marketing process for the properties. AHIP has received total non-refundable deposits of $4.7 million under such agreements, and the dispositions are expected to close in the fourth quarter of 2024.

Development in New Jersey. New York City-based JEMB Realty and the Resorts Casino Hotel in Atlantic City are partnering to develop 80 acres adjacent to Monmouth Park Racetrack in Oceanport, New Jersey, into a mixed-use development that will include a 200-key hotel, multifamily housing, retail, entertainment and youth sports facilities. Phase one of the project, which will be developed in partnership with the state of New Jersey and Darby Development, is slated to break ground in the fourth quarter of 2025.

HEI adds in Georgia. Norwalk, Connecticut-based HEI Hotels & Resorts has added the 217-key Kimpton Sylvan Atlanta Buckhead to its portfolio, bringing the total number of hotels managed in Georgia to 17. HEI owns or operates more than 100 luxury, upper upscale and upscale hotels throughout the U.S.

Room00, Dorsa acquire hostels group. Hostels and boutique hotels platform Room00 Group and Dorsa Holding Group have acquired 100% of the shares of Toc Hostels for a value of €20 million. Room00 Group will end the year with 30 establishments open and 20 in development in three countries. The acquisition will consolidate and expand the Toc Hostels brand in Spain, Portugal and Italy and is expected to generate a turnover of at least €70 million in its first year. The company also aims to increase its geographical presence in cities such as Madrid, Barcelona, Seville, Malaga, Granada, and Valencia. Room00 Group will also expand its current portfolio with a fourth brand.

Hotel Investments AG, Primestar partner. Switzerland-based Hotel Investments AG is partnering with Berlin-based Primestar Group to expand its hotel portfolio in Germany, Austria and Switzerland. As part of the strategic partnership, the Primestar Group and Hotel Investments AG will significantly expand their hotel portfolio in the coming years, focusing on expanding the boutique June Six brand. Primestar operates 20 hotels in Germany, Austria, and Italy. It recently opened one of the largest Hampton by Hilton hotels in Europe with the 355-key Hampton by Hilton Vienna City West in Austria.

First Indigo in the Middle East. IHG Hotels & Resorts is debuting its first Hotel Indigo resort in the Middle East with the opening of 173-key Hotel Indigo Jabal Akhdar Resort & Spa in Oman. There are over 158 Hotel Indigos worldwide, with an additional 133 in the pipeline.

Langham, Rabbit Holdings partner in Bangkok. Hong Kong-based Langham Hospitality Group and Rabbit Holdings, an affiliate of Stockholm-based BTS Group, are partnering on The Langham Customs House in Bangkok, Thailand. The new 78-key hotel will be built alongside the city’s old Customs House, a heritage building that will be restored as part of the project. The hotel is scheduled to open in 2026.

Zannier, NEOM partner on resort. France-based Zannier Hotels is partnering with NEOM to develop a new luxury eco-resort in Zardun, Saudi Arabia, on the coast of the Gulf of Aqaba. The companies have not yet announced an opening date for the 100-key Zannier Zardun.

Second Ritz-Carlton Yacht. Marriott International is adding the Ilma to its The Ritz-Carlton Yacht Collection. The ship made its maiden voyage on September 2 with a seven-night journey from Monte Carlo to Rome. The 224-key ship is the second for the collection after the launch of the Evrima in October 2022.

Radisson 130 new signings in 2024. Radisson Hotel Group has added 130 new signings and openings across EMEA and APAC in the first half of 2024. The new signings and openings include Radisson RED’s expansion into Ireland, New Zealand, Thailand, Laos and China, bringing its global portfolio to nearly 90 hotels. The Radisson Collection and Radisson Blu brands also widened their footprint, with roughly 20 new Radisson Blu signings. Radisson’s portfolio in the EMEA has expanded dramatically with the first Radisson Collection openings near the Louvre Museum in Paris and close to the Pantheon in Rome. The company is also opening its 10th hotel in Riyadh and 44th in Saudi Arabia. Across Asia Pacific, Radisson added more than 5,000 rooms in China through new openings and signings and 25 hotels in India this year. Currently, Radisson has more than 1,380 hotels (520 operational hotels in EMEA and 290 in APAC) and more than 227,310 rooms in operation and under development in EMEA and APAC.

New DoubleTree in Northern Ireland. The City Hotel in Londonderry, Northern Ireland, will become the DoubleTree by Hilton Derry after an extensive renovation. The 158-key hotel will be the first for the brand in the city and is scheduled to open in 2025 as part of a franchise agreement with the longstanding owners of the hotel.

IHCL adds in Haryana. Indian Hotels Co. Ltd. (IHCL) has signed a new Taj hotel in Gurugram, Haryana. The 225-key resort will be IHCL’s sixth hotel in Haryana, with two under development.

HVS adds to APAC office. HVS is bringing back two leaders for key roles in its APAC office. HVS has hired Henrich Huang as senior vice president. Huang has extensive hospitality and real estate expertise and was previously a director at HVS’s Shenzhen office, recently serving as vice president at Hopson Development. Chariss Kok also rejoins HVS as vice president, bringing extensive hospitality, real estate, and finance expertise. Her career includes prior roles at HVS and City Developments Limited (CDL).

New CEO for Extreme Hospitality. Dallas-based Extreme Hospitality, a hotel management and consulting services provider, has a CEO named John Rubino. Rubino is the company’s co-founder and brings more than 30 years of experience in the hotel industry to his new role. Before forming Extreme Hospitality, he was president and CEO of GF Hotels & Resorts. He also worked at Interstate Hotels & Resorts and Island Hospitality Management.

Lotte REIT acquires in South Korea. Seoul, South Korea-based Lotte REIT Co. Ltd. will acquire the L7 Hotels Gangnam Tower for KRW 330 billion from Mastern General Private Equity Real Estate Investment Trust No. 29, an investment arm of the South Korea-based Lotte Group, according to HVS. The L7 Hotels Gangnam Tower is a 30-story building that includes the 333-key L7 Gangnam Hotel.